Glendale Bankruptcy Attorney

Understanding the Alternatives to Bankruptcy

If you have found yourself in the unfortunate situation of being buried under massive amounts of debt, with no viable resolution in sight, and the creditor harassment has become more than you can bear, yet you are actively searching for a way out, bankruptcy may be your best option. Before you make the final decision to file for bankruptcy, however, you need to take the time to educate yourself and understand the alternatives to bankruptcy.

Bankruptcy is often considered as a last resort. When an individual or business has exhausted all other resources, they turn to bankruptcy to help give them the resources or fresh start they are looking for. If you or a loved one is looking at bankruptcy and other alternatives, contact a Glendale bankruptcy lawyer from our firm today. We will sit down with you, take the time to answer your questions, review your current financial situation and help you determine the best course of action to take.

Some of the main alternatives to bankruptcy include:

Stopping creditors from harassing you. Maybe you don't have a lot of debt, but you are getting bombarded by creditors and collection agencies who are trying to collect on past due bills. In cases such as this, bankruptcy would not be your best option. Instead, we can advise you of your rights, and help get creditors off your back by taking advantage of state and federal collection laws which were written to protect you from abusive and harassing treatment by debt collectors.

Debt negotiation. Providing you have some disposable income, or assets you are willing to sell, you may find negotiating with your creditors is a smart option. Most creditors will work with you to either lower interest rates, adjust payments, figure out debt settlement deals and more. This is because their main concern is getting repaid. A successful debt negotiation or settlement may give you the time you need to get back on your feet and get your finances back under control.

A debt relief program. Maybe you aren't a savvy negotiator, or you've found that trying to deal directly with creditors hasn't worked, or perhaps you have too many debts to be able to afford negotiated payments with all of them. If that is the case, then a debt relief program may be a better alternative. Credit counselors and debt relief counselors work with creditors every day and many times can build a monthly payment plan that will fit within your budget. One major disadvantage of debt relief programs is that should you miss a payment, any creditor can essentially pull the plug on your plan, making all agreements null and void.

Do nothing. While most people cannot sit back and do nothing while creditors and collection agencies are all but knocking at their door, doing nothing is an alternative to bankruptcy in certain circumstances. Should you have a limited income, no property or assets to speak of, and you don't intend on having any in the near future, you could take no action at all. This is what is often referred to as "judgment proof". What that means is that if a creditor did decide to sue you and obtained a court judgment against you, there isn't anything for them to legally take. There are certain debts to which this wouldn't apply such as federal taxes, child support payment and others.

There are many decisions to be made and factors to consider before you make the choice to file for bankruptcy. It is always best to consult with a knowledgeable bankruptcy attorney from our firm before you make any final decision, however, because your choice will have a severe impact on your life.

Bankruptcy Attorney Serving Montrose and La Crescenta

The areas we serve include Montrose and La Crescenta, California. If you live or have your business in Glendale, Montrose, or La Crescenta, and you are considering bankruptcy, have questions about what impact a bankruptcy could have on your life, or want to know if another bankruptcy alternative would better suit your needs, contact an experienced bankruptcy attorney at The Law Offices of Khachik Akhkashian right away. We will take the time to analyze your financial situation, review any previous measures you have taken and advise you of the best course of action.

We have been practicing bankruptcy law for over a decade and understand how much debt can weigh on your life or the success of your business. That is why, whether you need to file for bankruptcy or need assistance with one of the alternatives to bankruptcy, our goal is to provide you with the best service and representation possible in order to get you quickly back on your path to success.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.